U.S. Sanctions Eight Canadian Firms Over Alleged Iran Crypto Ties

Eight Canadian money-service firms were sanctioned by the Treasury Department on Nov. 7 over alleged dealings that connected Iranian currency conversion with digital assets, bringing Canadian intermediaries into U.S. enforcement against Iran-linked crypto activity.

Treasury said the companies facilitated exchanges involving Iran’s rial, other currencies and digital assets. It also said they processed transactions for sanctioned Iranian digital-asset exchanges and addresses tied to Iran’s Islamic Revolutionary Guard Corps (IRGC). The designations isolate the firms from the U.S. dollar financial system.

The action was coordinated with FINTRAC, Canada’s financial intelligence agency. Treasury Secretary Scott Bessent said Canada should not become a refuge for financial operators serving Iran’s government and proxies. He cast the move as part of a global effort to pursue and disrupt Iran’s financial channels.

Treasury said some of the targeted firms changed names and addresses to evade detection. The case puts Canadian money-service firms at the intersection of conventional currency conversion and Iran-linked digital-asset activity.